The think tank is offering a Brexit Prize which will award €100,000 (£86,525) for the winning blueprint for a UK exit from the EU following an imagined referendum.

Entrants must set out what measures the UK would have to take in the two years post exit, both domestically and in relation to the EU and the rest of the world, in order to promote a “free and prosperous economy”.

“This competition is designed to examine the process of withdrawal and, more importantly, how the UK might fit into the fresh geo-political and economic landscape that would follow,” the organisation said.

Submissions are invited from individuals, groups of individuals, academia and corporate bodies such as consultancy firms, law firms, accounting firms, think-tanks and investment banks. Initial submissions will be around 2,000 words.

The competition’s initial judging panel will then invite the authors of around 20 of those entries to make full submissions of between 10,000 and 20,000 words within  four months.

The nine judges include Capital Economics founder Roger Bootle, former Chancellor of the Exchequer Lord Lawson, and historian David Starkey.

Bootle won last year’s £250,000 Wolfson Economics prize, awarded to the best plan for dealing with member states leaving the eurozone.